SA March retail sales up 4.8% y/y from 4.2% in Feb

South Africa's retail sales growth has outpaced analyst expectations by accelerating for the second consecutive month in March coming in at 4.8% year-on-year from a revised 4.2% in February. On a month-on-month basis however, sales were flat. The main contributors to the 4.8% increase were retailers in textiles, clothing, footwear and household furniture. Meanwhile, Stats SA expects retail to contribute a 1.3% decline to the country's first quarter GDP. Azar Jammine, Chief Economist at Econometrix joined us to discuss what he makes of the numbers and what it says about the country's economic picture.